Recently, a project called Odin.fun has sparked a trend in a small scope. It is a Runes protocol launch platform similar to Pump.fun. Its small-scale popularity has brought heat to the long-silent Bitcoin ecosystem.
On March 7, a community member reported that 74 bitcoins on Odin.fun had disappeared, possibly due to a hacker attack. Soon, the project's co-founder responded on X, stating that there was an error in the hard deposit synchronization code, causing some users' balances to exceed their deposits, so the 74 BTC deposit transaction could not be found on-chain. Currently, users' funds are safe.
When discussing the relationship between public chains and token launch platforms, it is easy to think of Solana and Pump.fun, as well as Base and Viturals. A hot token launch platform can bring a large amount of traffic to the public chain it is on. For example, when Viturals was very popular, the net capital inflow on Base exceeded that of Solana.
This is one reason why token launch platforms are so popular. Unlike other token launch platforms on different public chains, platforms like Odin.fun do not operate on the Bitcoin chain. To enhance the user trading experience and reduce transaction fees, they generally operate on Bitcoin's layer two network.
The problem it faces is that these projects find it difficult to share the security of the Bitcoin main chain, and the recent hacker incident involving Odin.fun is a manifestation of this issue.
Another question worth discussing is whether a token launch platform built on layer two really has enough potential to attract sufficient funds and traffic for the revival of the Bitcoin ecosystem?
Product design logic of Odin.fun
Odin.fun was born in February 2025, founded by the creator of Bitcoin ordinal market Bioniq, and is essentially a launch and trading platform for the Runes protocol.
According to official disclosures, within a month, the Odin.fun platform's trading volume exceeded 1000 BTC, the number of platform addresses surpassed 37,000, and the leading Rune ODINDOG•ID•YTTL•ODIN saw its market cap peak at over 35 million USD.
The Runes protocol itself is not a new thing; it was born after the Bitcoin halving in 2024. Developer Casey had previously launched the Ordinals inscription protocol, which then led to the development of the BRC-20 token protocol. However, BRC-20 exposed issues such as low transfer efficiency and UTXO expansion. To address these problems, Casey proposed the Runes protocol.
Thanks to the birth of these two protocols, Bitcoin has gained more gameplay in terms of asset issuance beyond mere value storage. It is precisely because of these two protocols that the Bitcoin ecosystem and its various infrastructures experienced explosive growth in 2023 and 2024.
For the crypto industry, there has been an ongoing innovation in asset issuance methods, and odin.fun represents a revolution in the asset issuance and trading methods of the Runes protocol.
For a token launch platform, the key to success lies in how the 'casino' experience is designed and whether it can provide users with a good 'gambling' experience.
The Odin.fun product, in terms of user experience, first achieves second-level issuance of Runes assets and one-click trading of Runes assets issued on the platform.
According to the explanation provided on its official website, Odin.fun achieves 2-second final confirmation of transactions through the use of the layer two solution Valhalla.
In addition to speed, users can also experience account abstraction (no social login), gas-free transactions, and transactions without repeated signature confirmations, which are very convenient experiences.
All of this is thanks to Odin.fun hiding the underlying complexity of the chain. It is fundamentally a layer two product beneath the Bitcoin main chain, and the official name for this layer two solution is Valhalla.
Because it is built on Bitcoin's layer two, users need to create an account using their Bitcoin wallet and then deposit Bitcoin from their wallet into their account. The process of depositing Bitcoin is essentially a process of bridging Bitcoin to the layer two built for the project.
Providing convenience to users with a layer two solution, but the official has not disclosed how the detailed layer two technology is implemented. In this recent hacker incident, we can roughly glimpse some of the vulnerabilities or immature aspects of its technology.
According to its co-founders, when users deposit funds into the platform, they will store the funds in a threshold signature setup, which is a decentralized 12/34 threshold signature setup to ensure the security of BTC.
These funds are then sent to the ODIN•FUN smart contract, where all users' BTC is pegged to BTC in the Odin.fun platform on a 1:1 basis. The disappearance of 74 bitcoins this time was due to a deposit synchronization error, leading to it not being displayed.
How is the security of the Bitcoin deposited by these users guaranteed? The official statement is that it is achieved through multi-signature methods, but multi-signature is not absolutely secure. For users, they cannot manage their assets themselves but entrust their assets to the Odin platform, which fundamentally follows the logic of a centralized exchange.
Previously, X user @Real0xJason stated that the BTC held by users on Odin.Fun essentially exists on the ICP public chain as ckBTC, and its ultimate security guarantee comes from the ICP public chain. There is no need for a cross-chain bridge between ICP and the Bitcoin mainnet. The chain fusion encryption technology of ICP allows its smart contracts to directly interact with other networks, thus providing higher security than the wrapped BTC generated by general Bitcoin L2 through cross-chain bridges.
As a platform for token issuance and trading, the specific rules for token trading are as follows: On this platform, the process of token launch is called Ascend, which is the process of bonding tokens. Tokens created on Odin initially trade along a bonding curve.
On this curve, 80% of the token supply was sold at a price of 0.211 BTC. Using sats (satoshis) as the token price in Odin, the starting price of a token is 0.11 sats (market cap 3000 USD), and it completes Ascend at 4.76 sats (market cap 100,000 USD).
Once Ascend is completed, a project enters the next stage, which is the AMM stage. According to the official website, once the token is bonded (i.e., Ascend is completed), the remaining 20% of the token supply and 0.2 BTC will be deposited into the AMM pool to support further trading. Subsequently, token trading will follow the AMM curve k = X * Y, no longer adhering to the previous bonding curve y = e^x.
For users of the platform, they can not only launch and trade tokens but also act as liquidity providers (LP). Additionally, the platform adopts a referral rebate marketing model, with 25% of platform fees going to the referring users.
Exclusive invitation link (those who enter through this invitation link will have unexpected gains in the future):
https://odin.fun?r=cxzki5h8cq
Can Odin.fun carry the banner of Bitcoin ecosystem revival?
Currently, the development situation of the Bitcoin ecosystem is not optimistic. There is no project similar to previous inscriptions that can ignite widespread participation. Because of this, the influx of funds and traffic cannot trigger a new wave of enthusiasm for the Bitcoin ecosystem.
Previously, both Pump.fun and Viturals gained popularity due to the heated meme speculation on their platforms, which boosted the popularity of Solana and Base themselves, leading to the development of their on-chain ecosystems. However, Odin.fun does not seem to have sparked a similar on-chain ecosystem boom, and its leading token's total market capitalization at its peak was only about 35 million USD.
However, odin.fun does not fit this logic. Similar Meme Pumps are not new to the Bitcoin ecosystem. Previously, there were Satspump.fun on the Bitcoin layer two Fractal, Lnpump.fun on the Lightning Network, and Stx.city on Stacks, but none of these meme pumps on layer two or side chain networks have achieved the same level of buzz as Pump.fun.
After all, a later imitator is hard to surpass the successful predecessor, and a more important reason is that these meme pump platforms on layer two or side chains actually lack the legitimacy of the Bitcoin main chain.
This time, Odin.fun can create some buzz precisely because it has hit upon Runes, a new asset issuance method closely related to the Bitcoin mainnet. Additionally, during a cold market, there are fewer hot topics for speculation.
However, the influence of Odin.fun stops here. For the Bitcoin ecosystem, it is not something uniquely innovative like inscriptions, nor is it a hot topic for speculation; it simply adds two previously very popular narratives: Rune and Meme pump. However, these two narratives are now old narratives.
Therefore, the project itself can only generate limited enthusiasm, and for the Bitcoin ecosystem, such a project with a weak narrative cannot carry the banner of Bitcoin revival.
However, for investors, it is possible to participate with small amounts of funds. Choosing a promising token that can grow exponentially relies on community assessment and the major players. Essentially, this is more like gambling, just like the mechanics of memes.
Monthly trading volume exceeds 84 million USD, is Odin.Fun the new savior of the BTC ecosystem? (with gameplay tutorial)
After the hype of pump.fun on Solana gradually faded, many new projects still enthusiastically improved their startups based on the pump model, such as time.fun, Super.exchange, and takes.fun.
Recently, a Runes asset issuance and trading platform with the same core as pump.fun has emerged in the Bitcoin ecosystem – Odin.Fun, and its popularity has gradually increased over the past month. According to official disclosures, in the past 30 days, the Odin Fun platform's trading volume exceeded 1000 BTC (approximately 84 million USD), the number of platform addresses surpassed 37,000, and the leading Rune ODINDOG•ID•YTTL•ODIN saw its market cap peak at over 35 million USD.
Can the emergence of Odin.Fun inject new vitality into the long-sluggish Bitcoin ecosystem? Odaily Planet Daily will briefly introduce the gameplay of Odin.Fun and currently popular tokens for readers' reference.
Odin Fun Introduction: pump.fun + Rune AMM
Odin.Fun officially launched on February 3rd. Essentially, it is an asset issuance platform that hopes to use the pump model to enhance Rune liquidity, developed under the leadership of Bitcoin ecosystem OG and serial entrepreneur BoB.
Therefore, Odin.Fun also has internal and external trading, where users can spend 3333 sats (approximately 2.8 USD) to create internal Rune, with a fixed total of 21 million pieces. Only when the progress of the bonding curve reaches 100% (the market cap of Runes reaches 1 BTC), will the Runes created by users be truly etched onto the Bitcoin mainnet, referred to as Ascend on Odin.fun.
However, unlike pump.fun, which only recently thought of building AMM on its own, Odin.Fun built AMM pools within the platform from the beginning. When internal Runes are launched, 20% of the token supply and 0.2 BTC will be deposited into the AMM pool for trading.
At this time, the token price will also trade along the AMM curve (k = X * Y) rather than the bonding curve (y = e^x). For the already listed Runes, users can choose to add liquidity in the corresponding pool to earn fees.
The existence of the Rune AMM on the Odin.Fun platform greatly increases the liquidity of the Runes, allowing users to trade Runes and add or remove liquidity within seconds. At the same time, the Odin.Fun platform employs different charging strategies. If the Rune is still in the internal pool, Odin.Fun charges a 1% fee on all transactions (similar to pump.fun). If the Rune has been successfully etched, Odin.Fun charges a 0.5% AMM Swap fee (of which 0.3% goes to liquidity providers).
How is user asset security ensured?
Recently, there has been considerable debate in the community regarding the security of user assets on the Odin.Fun platform. Some users believe that Odin.Fun poses a risk of consuming users' BTC principal because it is not built on the Bitcoin mainnet but rather on a behind-the-scenes network called Valhalla. Consequently, users need to deposit BTC into the Odin.Fun platform to participate in new trading and transactions.
According to information provided by Odin.Fun, Valhalla supports 2-second finality, provides decentralized Bitcoin deposits and withdrawals (TSS), and waives all gas fees.
Regarding the security of BTC deposits, Odin.Fun stated that it uses a threshold signature (TSS) mechanism similar to that of ICP, and the tokens deposited into Odin.Fun are protected by special multi-party computation (MPC), meaning that there is a decentralized group of entities, each of which has a unique share of the private key, and they can collectively receive and send assets at any time.
Previously, community player @Real0xJason stated that the BTC held by users on Odin.Fun essentially exists on the ICP public chain as ckBTC, and its ultimate security guarantee comes from the ICP public chain. There is no need for a cross-chain bridge between ICP and the Bitcoin mainnet. The chain fusion encryption technology of ICP allows its smart contracts to directly interact with other networks, thus providing higher security than the wrapped BTC generated by general Bitcoin L2 through cross-chain bridges.
But these are all speculations made by the community based on limited information. BOB has not yet provided a comprehensive response regarding the safety of user deposits, although it has stated that if L2 is redefined as anything that builds seamless Bitcoin products, then Odin is an application chain or L2.
Specific gameplay
Even though the debate about the safety of Odin.Fun continues, actively participating in experiencing new things in the rapidly changing crypto space is always worthwhile. The gameplay of Odin.Fun can mainly be divided into new trading and adding liquidity, with detailed tutorials as follows.
New trading
First, you need to deposit BTC into the platform. Go to Odin.Fun, click the wallet link in the upper right corner, and then click on the BTC balance in the upper right corner to make a deposit. You can choose to deposit Bitcoin from the linked wallet or transfer from an external address, but be careful not to use BTC UTXOs that contain other BRC 20 or Rune assets.
At the same time, the tokens currently supporting deposits are not limited to BTC; users can also deposit popular Rune assets such as ODINDOG, ODINCAT, and SATOSHI to the platform.
After the BTC arrives, click on 'TOKENS' at the top of the homepage to filter and purchase Runes. You can reorder the list based on market cap, trading volume, or creation time. If you reorder by creation time, newly created tokens will be pushed out immediately.
Users can also click 'Filter' to refine the selection of tokens, as shown in the image below, allowing for customizable filtering based on whether they have been listed, market cap range, or trading volume range.
The Odin.Fun platform also supports users to quickly purchase. By entering the amount for each quick purchase in the 'QUICK BUY' section in the image above, users can click the blue button on the far right of the token to make a quick purchase. Users can also click to enter the token interface for purchasing. Similar to pump.fun, the upper right corner displays basic information about the token, including price, market cap, trading volume, holders, and developers, while the lower right shows the distribution of holders' chips.
Adding liquidity
Odin.Fun is not only an asset issuance platform but also establishes AMM pools for each listed Rune. By clicking on the top 'LIQUIDITY', users can see all the liquidity pools as shown in the image below. Users can also sort based on creation time, fee income, market cap, total trading volume, etc.
Users can add liquidity to the tokens they hold. Currently, the ODINDOG pool is quite popular, with accumulated fees of 12,891 USD. By clicking 'Add' on the right side, users can add liquidity to it, but Odin.Fun only supports adding 50% liquidity from both sides.
Popular Rune overview
Although the Odin.Fun platform is still in its early stages, the market has already formed some consensus. The following is an introduction to popular Runes.
ODINDOG (ODINDOG•ID•YTTL•ODIN)
Market Capitalization: 26 million USD
Platform holding address: 4711
ODINDOG is currently the leading token on the Odin.Fun platform, deployed by BOB, and is the first Rune issued on the Odin.Fun platform.
ODINCAT (ODINCAT•ID•DHGX•ODIN)
Market Capitalization: 2.5 million USD
Platform holding address: 2059
ODINCAT is the second token deployed by BOB on the Odin.Fun platform.
SPARKS (SPARKS•ID•DTEH•ODIN)
Market Capitalization: 2.4 million USD
Platform holding address: 1653
Tokens are issued by the Sparks project, which previously issued 111 NFTs on the Bitcoin mainnet, claiming to be backed by Animoca Brands' company Darewise Entertainment, aiming to build a token-based metaverse on Bitcoin, with members including BRC 20 founder domo and Taproot Wizards founder Udi.
SATOSHI (SATOSHI•ID•OXTM•ODIN)
Market Capitalization: 1.8 million USD
Platform holding address: 1269
SATOSHI is the third token deployed by BOB on the Odin.Fun platform. In total, BOB has deployed 9 tokens on the Odin.Fun platform, as shown in the image below:
BITCAT (BITCAT•ID•EOSE•ODIN)
Market Capitalization: 1.3 million USD
Platform holding address: 460
Bitcat is the Bitcoin mascot, initially published by an X account that creates daily Bitcoin Meme images, and was later hyped during the Solana mascot concept Meme craze.
For more information about Odin.Fun, please read:
Frequently Asked Questions about the recently popular Odin.Fun
Can Bitcoin gain a similar Meme Coin launchpad like Pump.fun – can it enhance Runes?
IC content you care about
Technical Progress | Project Information | Global Activities
Collect and follow the IC Binance channel
Stay updated with the latest news
